Consolidated Financial Statements - Minoan Lines

MINOAN LINES SHIPPING S.A. AND SUBSIDIARIES
Consolidated Income Statements
For the six month period ended June 30, 1999 and 2000
(Amounts expressed in thousands of drachmae unless otherwise stated)
Revenues
Notes
Unaudited
June 30,
1999
Unaudited
June 30,
2000
Revenue from vessels 19 24,005,213 20,741,508
Commissions (2,023,648) (1,821,118)
Net Revenue 21,981,565 18,920,390
Cost of revenue (15,324,478) (14,727,753)
Gross profit 6,657,087 4,192,637
Depreciation and amortization 2, 3, 4, 13 (2,375,168) (1,372,257)
General and administrative expenses (3,060,733) (2,155,191)
Profit from operations 19 1,221,186 665,189
Other income, net 269,720 156,075
Finance cost, net 20 (1,784,182) 374,234
Gains from sale of vessels 2 1,239,537 -
Income (loss) from associates 5 21,668 (1,138,513)
Foreign exchange losses (536,607) (1,669,616)
Income (loss) before tax 431,322 (1,612,631)
Income tax expense - -
Income (loss) after tax 431,322 (1,612,631)
Minority interest 172,481 102,144
Net income (loss) for the period 603,803 (1,510,487)
The accompanying notes are integral parts of these consolidated financial statements.
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